April 24 (Reuters) - TE Connectivity ( TEL ) beat Wall
Street estimates for second-quarter profit on Wednesday, helped
by strong demand for its sensor technology from electric vehicle
(EV) makers across the globe.
With governments worldwide implementing regulations to
promote cleaner transportation, a shift towards electric
vehicles is underway, benefiting EV suppliers.
The company posted total net sales of $3.97 billion for the
quarter, which was slightly above the analysts' estimates of
$3.95 billion.
Operating margin in "Transportation Solutions" unit, which
competes with Aptiv ( APTV ) as a supplier to the auto industry,
rose to 19.6% during the quarter.
It reported an adjusted profit of $1.86 per share for the
quarter ended March 29, ahead of Wall Street estimates of $1.83
per share.
However, the company expects an adjusted profit of around
$1.85 per share on revenue of $4 billion for the third quarter,
while analysts estimate it at $1.92 per share, on revenue of
$4.11 billion, according to LSEG estimates.